North America Solar PV News Snippets

Sunrun bags $886.3 million securitization deal; Macquarie approves debt for SolSystems; TotalEnergies commissions solar array for EBMUD; First Solar announces world's 1st EPEAT ecolabel for solar modules; initial closure for Recurrent Energy funding. 

$886.3 million for Sunrun: US residential solar and storage installer and financier Sunrun has announced a $886.3 million senior securitization of residential solar and battery systems. It says this is the largest securitization deal to date not only for the company but also for the residential solar industry. The notes raised are backed by a diversified portfolio of 48,628 systems distributed across 19 states, Washington D.C., Puerto Rico and 79 utility service territories. The transaction will close by June 11, 2024.   

$85 million debt for Sol Systems: Macquarie Asset Management has announced a $85 million debt investment for US renewable energy firm Sol Systems that's backed by global investment firm KKR. It will support the construction and operation of 5 utility-scale solar projects in Illinois and Ohio. All projects are scheduled to complete construction by 2025-end. Macquarie said this is the 1st tranche of a planned broader collaboration between the companies.  

Orinda Solar Project online: The East Bay Municipal Utility District (EBMUD) in Oakland, California has announced the commercial operations of its largest solar PV array. Commissioned by TotalEnergies, the 4.6 MW Orinda Solar PV Project is located below the Briones Reservoir in Orinda. It will generate close to 10 million kWh of clean energy annually, helping EBMUD offset 10% of its current energy costs. The project will also supply EBMUD with clean power at a fixed price over a 25-year term and provide $26 million in energy cost savings to its ratepayers, said the utility. EBMUD already has 2 MW of PV projects in its portfolio and 210 kW of additional PV under development.    

EPEAT for First Solar modules: US solar manufacturer First Solar has said its Series 6 Plus and Series 7 TR1 products have become the world's 1st solar modules to achieve the EPEAT Climate+ ecolabel. It describes EPEAT as a globally recognized ecolabel that includes independent validation and allows for the easy identification of environmentally preferable products from socially responsible companies. According to First Solar, EPEAT Climate+ makes EPEAT the only global ecolabel to address greenhouse gas (GHG) emissions during the different stages of solar module production, and products receiving the designation must meet the ultra-low carbon threshold of ≤400 kg CO2e/kWp. For its Series 7 modules, the manufacturer already claims the lowest carbon and water footprint of any available commercial PV module today. "With EPEAT Climate+, our customers now benefit from a global standard that allows them to confidently procure solar modules that lower their scope 3 emissions and are responsibly made," added First Solar's Vice President of Policy, Sustainability, and Marketing, Samantha Sloan.      

BlackRock funding close for Recurrent Energy: Canadian Solar subsidiary Recurrent Energy has announced the initial closing and funding of an investment from BlackRock that was initially announced in January 2024. Canadian Solar's largest institutional investor BlackRock acquired a 20% stake in Recurrent with a $500 million equity (see Recurrent Energy Lands $500 Million Equity Commitment). The initial closing of the transaction was contingent on requisite regulatory approvals and other conditions that Recurrent says have now been met.